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China, Pakistan Agree to Conduct Bilateral Trade in Yuan

China has agreed to carry out bilateral trade with Pakistan in the Chinese yuan instead of the U.S. dollar to help ease the South Asian ally's financial and economic woes. The unprecedented Chinese concession, officials and economists said, would go a long way in addressing Islamabad’s massive 87-percent trade deficit with Beijing and reducing pressure on Pakistan's depleting foreign currency reserves. "The agreement is part of practical steps being taken [by China]...

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